Israel-headquartered renewable power developer Ellomay Capital has closed financing for a 198MW portfolio of solar assets it plans to build and operate in Italy.
The deal, signed between Ellomay’s wholly-owned subsidiary Ellomay Holdings Luxembourg Sarl and a “reputable European institutional investor”, covers a €110 million (US$116 million) loan that Ellomay will repay by 2047, at an annual interest rate of 4.5%. This will support the management of three projects, with a combined capacity of 38MW, which are already connected to the grid; plus additional projects at the ready-to-build stage with a combined capacity of 160MW.
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The companies expect to reach financial close on the deal in the coming weeks, although Ellomay did not specify a commissioning date for the projects at which construction is yet to begin. The news follows a number of encouraging developments for the Italian solar sector, which saw installations skyrocket in 2024, with 6.8GW of new capacity added to the grid.
In addition to its Italy portfolio, the company has sought to expand its presence in Europe, and has a majority stake in 335.9MW of solar capacity in Spain, including the 300MW Talasol project. The company has also announced plans to build 49MW of capacity in the US, and announced in 2023 that it would commit around US$20 million to the projects.
